73% OF WORKERS UNDER CONTRIBUTORY PENSION BELOW 40 YEARS – PENCOM

The National Pension Commission has said that 73 per cent of contributors under the Contributory Pension Scheme are below 40 years of age.

It said in its ‘Age and gender distribution’ report for the fourth quarter of 2021 that this showed that the CPS had an increasing sustainability level. PenCom’s report, however, showed that male contributors dominated the Retirement Savings Account holders’ list.

The report stated that, “Gender and age distribution analysis of new registrations on the CPS for the quarter showed that 73 per cent were below the age of 40 years.“This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.

Regarding gender distribution, 65 per cent of those that registered during the quarter were male, while 35 per cent were female.” According to PenCom, 9,589,721 workers had registered under the CPS as of the end of February, 2022. PenCom revealed that total assets under the CPS rose by N460bn in three months to N13.88tn in March.

It disclosed this in its report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 31 March 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).’

The funds, which ended December 31, 2021, at N13.42tn, rose to N13.61tn and N13.76tn as of the end of January and February 2022 respectively. The data showed that N8.5tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills in March. The amount represented 61.24 per cent of the total assets under the Contributory Pension Scheme.

Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.

https://punchng.com/73-of-workers-under-contributory-pension-below-40-years-pencom/

 

 

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